New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-07-25
MONEY IND BUSINESS.


self last week. After stocks had been bought
for some months on the assurance that Gar
rctt's sale to Ives was "as good as ocm
plcted,' they rose a shade more on Mr..
CARROTS announcement that the long incu-
bated egg was added. The changes in price
were insignificant, the average for sixty active
stocks closing only II cents on the 800
higher than for the previous week, but any
rise at all, under the circumstances demon
strated tho fasity of the prctcxts given for
the previous rise Persons who a week ago
hootcd at the idea that the Ives deal was a
failure are now equally cock -sure that some
other syndicate has I" just about completed
the purchase But the Pennsylvania and
Western Union, if they want Mr.. Carrots
railroad and telegraph lines at all. are shrcwd
enough TO know that those properties are not
just now rising in value from week to week
and are patient enough to wait until they can
buy to advantage The Baltimore and Ohio
docs not now transport more than about hall
OF the small fraction of through fire. ght that
was formerly conceded to it in the pools, and
tho Penn ylyauia l. m awhile tax n so per
cent of the through freight from Chicago in
place of about 30 per cent year ago.
Speculation in wheat seems TO have killed
that market very cifcctually. At sos cents
for No. Red Winter wheat il lower than 1T
has been in that month for more than sixty
years, if ever. In 1925 North River wheat
sold at 10 cents, but in October. In 1916
Western" wheat not carefully graded rs
now, sold mt so cents, but in September.
Thus, qualities considered perhaps the lowest
quotations on record wero 7Sl2 cents i'll No
vember and 76 in December, 1854, for No.
2 Red Winter But in July no such quota
tons arc to be found. The decline of 1os
cents last week means that the people who
took many million bushels from farmers barns
and put it into elevators would be glad If the
farmers had it back again. Though exports
are now large, even at the present rate 1T
would takc more than ten weeks TO clear
away tho surplus of old wheat, with new
crop coming The reduction Of lake rates to
3la cents indicates that little pressure in for
warding is now expected. Corn declined "a
cent. rains having helped localities affected
by drouth, and oats fell 70, but pork products
wero firmly held, lard falling only an eighth.
The official Bull tin Of the Iron and Steel
Association makes the iron production for the
first half of 1887 3,O5l 500 gross tons, which
is close to previous estimates. But 1t adds
some facts not previously anticipated
Stocks unsold, it appears, increased 12.O13
not tons during the half year, but were re-
duced 217,717 during the first half of 1886.
Thus the actual consumption of domestic pig
iron was 100000 tons more in the half year
ending with December than in the last half
year The imports Of pig were 1864 tons
in the last half of 1886, and probably about
22s,OOO for the first half Of 1887, so that
there still remains decrease Of about 10000
tons in raw iron used. Clearly this is be-
cause imports Of manufactured iron rose
from 329. 662 tons TO 4S4 900 tons, while inn
ports of scrap iron and steel greatly increased.
Prices do not charge as yet, the coke supply
not being fully restored.
Tho statement that some Southern iron
furnaces have produced less iron during the
fist half OF this year than In the last half
Of 1886 is not an encouraging comment on
the enthusiastic boom in real estate at Bir-
mingham. West Nashville and other new
manufacturing centres at the South. 1t
suggests that there has been moro enti usiasm,
and moro land and mine selling. than actual
development of resources thus far But 1T
is this speculation in real estate which has
absorbed vast amount of the money for
which Wall Street looks in vain. Latest
reports Of foreign trade arc more favorable.
Ncw-York exports for thee weeks show
gain of 9 per cent, against gain OF 3 per
cent in imports. But the official statement
for June shows an excess of imports over
exports Of $l3 100000, making the excess
ga, 133, 1893 in three months The minor
exports fell off sharply, while imports outside
OF Ncw-York were $2.2oo,OoO larger than
hast year. Under the circumstances, tho fact
that the bank surplus does not yet begin 10
fall, though the Treasury took in last week
81, 291 900 more money than 1t paid out,
d encouraging, and the over-supply of wheat
il commercial markets may serve a good